ACC 561 Final Exam Guide

ACC 561 Final Exam Guide
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ACC 561 Final Exam Guide
ACC 561 Final Exam
The statement of cash flows is used for _____.
Nonoperating items on the income statement _____.

The difference between a single-step and multiple-step income statement is that a single-step income statement _____.

Which one of the following statements is true?

The _____ accounting convention uses the acquisition cost minus depreciation in valuing an asset on the balance sheet.
A new corporation issuing a common, no-par value stock for cash would include a journal entry a debit to _____.


Which type of organization would most likely have work-in-process inventory?
_____ is a measure of income or profit divided by the investment required to obtain that income or profit.
The following information is available for the Peter Company: Sales $150,000 Invested Capital 156,250 ROI 10% The return on sales is _____.

The following information is available for the Peter Company:
The return on sales is _____.

Speedo Company’s revenues are $300 on invested capital of $240. Expenses are currently 70% of sales. If Angelo Company can reduce its invested capital by 20%, return on investment will be _____.

When the variable costing method is used, fixed factory overhead appears on the income statement as a _____.

In absorption costing, costs are separated into the major categories of_____.

_____ is another term for variable costing.
The use of budgeted service department cost rates protects using departments from _____.

_____ is an example of the external financial-reporting purpose of the cost management systems.
The level of...